In a boon for its venture backers, online review site Yelp today priced its IPO at $15 a share, above its expected price range of $12 to $14, Reuters is reporting.

The company, which will trade on the NYSE under the ticker YELP, will sell 7.1 million shares, generating $107.3 million in proceeds.

Three firms — VC firms Benchmark Capital Partners and Bessemer Venture Partners and PE firm Elevation Partners — collectively own 31.7 million shares worth in excess of $475 million at $15 per share.

Yelp raised a total of $58 million in venture capital over four rounds from 2005 to 2010, according to Thomson Reuters (publisher of peHUB). Benchmark, Bessemer and DAG Ventures funded the first three rounds, and Elevation was the sole backer of a $25 million round in January 2010, Thomson Reuters reports.

As a group, the five aforementioned shareholders own nearly 85 percent of Yelp’s Class B shares and the five shareholders collectively control about 84 percent of the voting power in the company. (Class B shares are entitled to 10 votes per share, while Class A shares are entitled to one vote each.)

Goldman Sachs was the lead underwriter for the offering, with Citigroup and Jefferies acting as co-underwriters.